Bright Foundation
- Assets
- $32.5m
- Revenue
- $2.2m
- Investments
- $32.0m
- Employees
- 0
- Location
- Urbandale, IA
- Founding
- 03/2019
- Data as of
- 06/2024
- EIN
- 42-6073848
Organization Overview
Bright Foundation is located in Urbandale, IA. The organization was established in 2019. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, Bright Foundation generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.2%) each year. All expenses for the organization totaled $3.0m during the year ending 06/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Bright Foundation has awarded 60 individual grants totaling $16,090,266. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2024
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A SCHOLARSHIP PROVIDER THE MISSION OF THE BRIGHT FOUNDATION IS TO EMPOWER SCHOLARS TO LAUNCH CAREERS THROUGH THE SUCCESSFULL ACCESS AND COMPLETION OF COLLEGE DEGREES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Meredith Dohmen President | 40 | $138,915 | |
Thomas E Press Chairman & Managing Director | 10 | $40,400 | |
Jerry Deegan Vice President & Director | 1.5 | $3,900 | |
Charles A Haas Director (7/1/23 Thru 12/31/23) | 1.5 | $2,200 | |
Stacy Wanderscheid Secretary & Director | 1.5 | $4,400 | |
Dale J Andringa Director | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $203,657 |
| Interest on Savings | $0 |
| Dividends & Interest | $773,543 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,233,441 |
| Capital Gain Net Income | $1,233,441 |
| Net ST Capital Gain | $471 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,210,641 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $298,883 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $22,342 |
| Interest | $0 |
| Taxes | $47,120 |
| Depreciation | $0 |
| Occupancy | $10,200 |
| Travel, conferences, and meetings | $579 |
| Printing and publications | $0 |
| Other expenses | $142,056 |
| Total operating and administrative expenses | $533,641 |
| Contributions, gifts, grants paid | $2,449,495 |
| Total expenses and disbursements | $2,983,136 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $513,709 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $26,471,361 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $32,510,214 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $4,062 |
| Total liabilities | $4,062 |
Grants Awarded
Over the last fiscal year, Bright Foundation has awarded $2,449,495 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
DES MOINES AREA COMMUNITY COLLEGE PURPOSE: SCHOLARSHIPS | $20,568 |
IOWA STATE UNIVERSITY FOUNDATION PURPOSE: SCHOLARSHIPS | $952,587 |
UNIVERSITY OF IOWA CENTER FOR ADVANCEMENT PURPOSE: SCHOLARSHIPS | $860,526 |
UNIVERSITY OF NORTHERN IOWA FOUNDATION PURPOSE: SCHOLARSHIPS | $615,814 |